Introduction
Islamic economics is based on the principles and norms for human welfare derived from Islamic sources, emphasizing justice, equity, and the prohibition of activities deemed unethical or exploitative (like Riba/interest, Gharar/excessive uncertainty, and Haram/forbidden industries). Fundamentally different from the secularly defined system, it offers a comprehensive and coherent alternative to conventional economics.
The Department of Islamic Economics, founded in 2023, offers students a four-year BS Islamic Finance and a Diploma in Islamic Finance that includes courses on the theoretical background of Islamic economics, the rules and principles of Islamic commercial law, and Islamic finance practices, as well as conventional economics and finance courses during their undergraduate studies. In this framework, while learning the field with courses such as Islamic Law Business Contracts, Study of Selected Ayat and Ahadith Related to Ahkam, Islamic Economic Thought, Fundamentals of Islamic Economics, Islamic Economic History, Islamic Finance and Banking, Product Development in Islamic Banks, Islamic Assets and funds management, AAOIFI’S Shariah Standards, Shariah Governance in Islamic Financial Institutions, Insurance and Takaful Management, Halal Industry Management & Global Standards, Waqf and Public Financing, Risk Management in Islamic Banking; it is also aimed for students to gain knowledge about economic theory and current economic issues through the courses such as, Introduction to Economics, Principles of Accounting, Business Finance, Statistics, Econometrics, Quantitative Reasoning, Fundamentals of Money and Banking, Entrepreneurship, Economic Growth and Development.
DEPARTMENT’S VISION:
To become an international department focused on expanding and advancing the boundaries of economics and finance in both theory and practice, with the aim of contributing to the development of the participation finance sector, particularly within the context of Muslim majority countries and Market over the globe.
DEPARTMENT’S MISSION:
To contribute to the fields of Islamic economics and finance by educating broad-minded individuals who are equipped with a strong sense of social responsibility, advanced research and problem-solving skills, and international competencies. The department intends to develop capacity of Islamic human and financial resources to meet the dream of Islamic economy as instructed by FSC in April 2022 and which has become part 26th constitutional amendment on 21 Oct. 2024 of GOP. Our graduates from the Department of Islamic Economics will be ready for employment and entrepreneurship in their emerging fields, especially in the participation finance sector during the time of transition from conventional economy to Islamic one. In addition to upholding ethical principles, they will be open to interdisciplinary approaches. We are committed to serving society within a framework of multi-dimensional quality standards.
PROGRAMS:
The following programs are being offered on ODL mode.
- BS in Islamic Finance (4 years Program)
- BS in Islamic Finance (2.5 years Program)
- BS in Islamic Finance (2 years Program)
- Diploma in Islamic Finance (1 year Program)
- Associate Degree Program (2 years Program) is also about to be offered for the students holding intermediate certificates (12 years of Education).
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Objectives
CARRIER OPPORTUNITIES:
Graduates of Islamic Economics can work in public and private sector organizations as graduates of the Faculty of Business and Management Sciences. Students who will graduate from this program can also find the opportunity to work in the institutions of the academic world related to the field. These institutions include both national and international universities and research organizations. Currently, the 12 universities in Pakistan have undergraduate and graduate university level Islamic economics and finance programs.
Another field where our students can be employed is private sector companies and organizations. They can find job opportunities in domestic and international companies that operate in various sectors in that operate on the basis of Islamic principles, as well in participation banks, takāful companies, savings-based financing companies and participation portfolio management companies. Currently, Islamic banking has 22 % of total banking share in Pakistan. There are 6 Full-fledged Islamic banks and 17 banking are offering Islamic banking with speedily on the way of conversion to Islamic business with providing big career-oriented opportunities of sharia advisory and others to Islamic economics and finance graduates.
In addition, regulatory government agencies (SBP, SECP, MORA), where sector-related regulations are enforced, are potential employment opportunities. In recent years, they can find employment opportunities in the relevant public institutions, whereas they can be employed in international Islamic economics and finance institutions.
Academic Facilities
Library, internet, PCs, multimedia, Class Rooms, Seminar Rooms.
Future Plans
- To initiate certificate and diploma courses on the basic knowledge of Islamic economics and finance, Halal Industry, and Waqaf Management.
- To issue a Peer-reviewed International Research Journal of Islamic economics and finance initially accredited from HEC, then from Scopus & WOS.
- To facilitate the government to establish the Islamic Finance Centre of Excellence by the State Bank of Pakistan (SBP).
- To prepare academicians and professional for international Islamic finance certifications (Like Certified Shari'ah Advisor and Auditor (CSAA) & Certified Shariah Advisor and Auditor (CSAA)) from AAOIFI, IFSB, and other professional bodies and seek examination centers of them in Islamic economics and finance.
- To start trainings of professionals of Islamic corporate sector in collaboration with Islamic Banking Deportment (IBD), AAOIFI, IFSB, IsDB, National Institute of Banking & Finance (NIBAF), Islamabad Stock Exchange, & SECP.
- M.Phil. with specialization in of Islamic economics and finance.
- Ph.D. in Islamic economics and finance.
- MPhil and PhD level research for the identification of the challenges faced by the Ummah and Pakistani society and their solution.
programmes
Contact Details
Islamic Economics
In House Projects
